The MSE index ended the week in negative territory as it declined by a further 0.86 per cent, to close at 3,279.187 points.
Activity was spread across 14 equities of which four advanced, seven fell in value and three closed unchanged. Middlesea Insurance plc shares topped the list of gainers, while International Hotel Investments plc suffered the worst loss.
HSBC Bank Malta plc shares added on to last week’s gains as they appreciated by 1.8 per cent across 21 trades of 34,235 shares, to close €0.035 higher at €1.985.
Bank of Valletta plc shares fluctuated between a weekly high of €2.13 and a low of €2.10, to close the week unchanged at €2.12. The banking equity was negotiated over 53 deals of 106,117 shares.
FIMBank plc shares declined by 4.4 per cent as four trades of 35,788 shares were processed, closing $0.03 lower at $0.65.
Likewise, Lombard Bank Malta plc shares shed €0.05 or 3.1 per cent of its share price as a single transaction of 2,000 shares was struck, to close at €1.55. In the bank’s interim unaudited financial statements for the six-months ended June 30, the group registered a profit before tax of €3.3 million, compared to €4.2 million registered in 2013.
MaltaPost plc contributed to the group a profit before tax of €1.2 million. The postal operator’s turnover was up by 3.8 per cent, mitigating the decline in traditional mail by increases in parcel delivery and favourable price adjustments. Net interest income of the bank for the period under review declined by 11.4 per cent to €6.8 million. Interest income from credit was down on a reduced advances portfolio following efforts to streamline credit risk with regulatory requirements coupled with soft credit demand. Earnings per share decreased from €0.06 to €0.045.
After close of trading yesterday, MaltaPost plc released its interim directors’ statement whereby it was reported that, during the period April 1 to August 22, the company registered an improvement in performance when compared to the same period last year. This was principally due to new service offerings, product enhancements and an increase in certain tariffs. Meanwhile, expenses increased mainly due to staff costs, cross-boarder mail delivery costs and inflationary pressures. The directors are confident that for the year ending September 2014, the company will deliver an improved profit when compared to the corresponding period last year. The equity was not active this week.
Middlesea shares appreciated by 5.6 per cent over eight deals of 7,529 shares, closing €0.05 higher at €0.95.
GO plc shares soared to a fresh six-year high of €2.45 as 23 trades of 67,630 shares were transacted.
In the IT industry, RS2 Software plc shares rallied by 4.6 per cent over the highest volume for the week of 166,091 shares, to close €0.12 higher at €2.72 – resulting in a 26.3 per cent gain throughout the current year.
Meanwhile, 6pm Holdings plc shares closed unchanged at £0.735 as four deals of 10,000 shares were executed.
The other non-mover for the week was Santumas Shareholdings plc shares as they traded flat at €2.00 on a mere 37 shares.
International Hotel Investments plc shares sank by a further 7.1 per cent over five trades of 20,000 shares, to close €0.05 lower at €0.65. The board of directors of IHI approved the half-yearly report for the period ended June 30, 2014. The company registered a loss before tax of €13.7 million, compared to a €9.5 million loss registered in 2013. Revenue for the period under review amounted to €55.6 million, a decline of 6.6 per cent from 2013. Revenues and operating profits in the Group’s hotels in Malta, Prague, Budapest, Lisbon and London continued to increase year on year, in line with previous projections, and reflecting a stronger capability to achieve a fair market share in their respective markets. On the other hand external and unforeseen political events in Russia and Libya have significantly impacted demand for hotel accommodation in St Petersburg and Tripoli.
Medserv plc also registered a decline as its share price fell by 1.9 per cent across three deals of 42,500 shares, closing at €1.275.
Malta International Airport plc shares traded for the first time since turning ex-dividend on August 13, over three transactions of 34,400 shares, to close at €2.20.
Simonds Farsons Cisk plc and Malita Investments plc both recorded a slight decrease in their share price as they fell by 0.03 per cent and 0.2 per cent respectively. The former equity witnessed a single transaction of 1,000 shares, to close at €2.86, while the latter was active across eight deals of 139,660 shares, closing at €0.54.
In the corporate bond market, turnover amounted to €224,749 spread across 17 issues of which three edged lower, six gained ground and eight closed unchanged. The 7.15% Mediterranean Investments Holdings plc Euro 2015-2017 was the worst performer as it slipped by 2.1 per cent.
In the sovereign debt market, 28 issues were active amounting to a total turnover of just under €27 million. Long-term issues continued to register gains, while short-dated issues traded marginally lower.
The recently issued 4.1% MGS 2034 (I) r locked in a 3.5 per cent gain in its first trading days, while the 5% MGS 2021 (I) was the most liquid issue as it witnessed a turnover value of over €7.3 million.
This article, which was compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such.
The company is licensed to conduct investment services by the MFSA and is a member of the Malta Stock Exchange and a member of the Atlas Group.
The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.
For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410, or e-mail info@jesmondmizzi.com.